Sep 1, 2022 | PG&E Settlement
Good news for California residents who have received settlements from the PG&E Fire Victims Trust (FVT) or the Southern California Edison Settlement. Last night, both houses of the California legislature passed AB1249 and SB1246 and the Governor is expected to...
Jul 11, 2022 | Casualty Gain, PG&E Settlement
On June 28th, the Commissioner of the IRS responded to a request by Congressman Mike Thompson and Congressman Doug LaMalfa requesting guidance on the taxability of the settlement funds received from the Fire Victims Trust (FVT). The IRS letter echoed articles you have...
Jun 22, 2022 | Exclusion of Taxable Gain, PG&E Settlement
As we’ve discussed in earlier posts on this site, for most taxpayers, the settlements from PG&E will be partially or fully taxable. However, relief from California tax may be coming via AB1249. What is AB1249? AB1249 would exclude the PG&E settlement...
Apr 5, 2022 | PG&E Settlement
On March 30, 2022, bipartisan legislation was introduced to make the PG&E payments non-taxable at the Federal level. This bill was just introduced and has a LONG way to go to get approved. Here is the Press Release from Mike Thompson’s office (CA-05). There...
Feb 15, 2022 | PG&E Settlement
As we’ve discussed in earlier posts on this site, for most taxpayers, the settlements from PG&E will be partially or fully taxable. However, relief from California tax may be coming. AB1249 passed the assembly last week and is going to the State Senate for...
Jan 25, 2022 | PG&E Settlement
We previously discussed the taxability of the PG&E settlements that many fire victims are receiving (See, Is My PG&E Settlement Taxable? from August 3, 2021). We received a few questions recently: Q1: I received a payment of 30% of the total award that is due...